Key Senate Committee Passes Senator Markey’s Blockchain Promotion Act
Washington (July 11, 2019) – The Senate Commerce, Science and Transportation Committee yesterday passed Senator Edward J. Markey’s (D-Mass)Blockchain Promotion Act, legislation that directs the Department of Commerce to establish a blockchain working group to recommend a consensus-based definition of the technology. The working group would also consider recommendations for the National Telecommunications and Information Administration (NTIA) and Federal Communications Commission (FCC) to undertake a study that would examine the potential impact of blockchain on spectrum policy and opportunities for the adoption of blockchain to promote efficiencies within the federal government.
“Blockchain is an exciting new technology with great potential and promise,” said Senator Markey. “At its core, blockchain is a tool for exchanging data in a secure and accountable fashion, and it has already been deployed to expand access to renewable energy, enhance health care delivery systems, and improve supply chain efficiency. This legislation will help further understand applications for this technology and explore opportunities for its use within the federal government. This is a commonsense step that will help position the United States and for success. I thank Senator Young for his partnership and look forward to continuing to work to pass this legislation out of the Senate.”
Senator Todd Young (R-Ind.) is co-author of the legislation, along with Reps. Doris Matsui (CA-06) and Brett Guthrie (KY-02), both members of the House Energy and Commerce Consumer Protection and Commerce Subcommittee, in the House of Representatives.